Former Trump adviser Stephen Moore said he was “really nervous” about the situation in the U.S. housing market as inflation soared, home prices and mortgage rates soared, and homebuilder confidence plummeted. There are. “
“That’s my big concern,” Moore said in an interview. At Kitco News.. “I’m really nervous about the housing market. We now have a bright red housing market for five or six years.”
Moore served as Donald TrumpA senior economic adviser during his presidency said he “prays” that the United States is not facing a housing bubble. [in 2008], The whole economy collapsed. “
“The mortgage rate was 3% a year and a half ago, but now it’s up to about 6%. That alone buys a $ 500,000 home and pays 200,000 for a 30-year mortgage. It means more dollars. It will put pressure on the housing market. I hope it doesn’t collapse. “
Refuse to predict how bad the pinch is Housing market Moore said the market is expected to slow as people can’t afford to buy new homes, as he said he wasn’t a housing expert.
“We think the value of homes has skyrocketed like this. I think we’ll see a slowdown in home purchases as people can’t afford it. [it].. “
Moore was Trump’s choice for the Federal Reserve in 2019, but economists subsequently withdrew his candidacy amid a significant lack of support and widespread criticism. Past accusations Sexual harassment, sexist remarks, and his inadequate financial literacy and poor qualifications. Moore is known for his expertise in fiscal policy rather than monetary policy.
Asked about what tools the White House could use to face a potential housing bubble, Moore had little to offer on a solution.
“I don’t know what they are. The big mistake was spending more money than we didn’t have. And as you know, we’re going to write off our debt. And, by the way, the whole world is now in huge debt, “he said in an interview with Kitco News.
“The debt rampage is very worrisome to me,” he concluded, implying that he had accused the president. Joe BidenManagement of the current situation.
Recent data on the housing market Homebuilder confidence Fell in July. This is a sentiment that can exacerbate inventory shortages that are partially driving home sales spikes.
However, many potential buyers are being kicked out of the market because home prices and mortgage rates are too high, despite experts expressing concern about the potential for home collapse. People expect the market to slow down.